| EAST & WEST COMMERCIAL LIMITED |
| Registered number: |
07760466 |
| Balance Sheet |
| as at 31 July 2023 |
|
| Notes |
|
|
2023 |
|
|
2022 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
10,163,297 |
|
|
9,972,550 |
|
| Current assets |
| Debtors |
4 |
|
646,806 |
|
|
648,472 |
| Cash at bank and in hand |
|
|
123,706 |
|
|
78,361 |
|
|
|
770,512 |
|
|
726,833 |
|
| Creditors: amounts falling due within one year |
5 |
|
(52,809) |
|
|
(69,352) |
|
| Net current assets |
|
|
|
717,703 |
|
|
657,481 |
|
| Total assets less current liabilities |
|
|
|
10,881,000 |
|
|
10,630,031 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(2,416,953) |
|
|
(2,466,680) |
|
| Provisions for liabilities |
|
|
|
(519,075) |
|
|
(465,415) |
|
|
| Net assets |
|
|
|
7,944,972 |
|
|
7,697,936 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Revaluation reserve |
7 |
|
|
3,050,000 |
|
|
2,850,000 |
| Profit and loss account |
|
|
|
4,894,872 |
|
|
4,847,836 |
|
| Shareholder's funds |
|
|
|
7,944,972 |
|
|
7,697,936 |
|
|
|
|
|
|
|
|
| These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
| For the year ending 31 July 2023 the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
|
| Director's responsibilities: |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| MR CHU TING TANG |
| Director |
| Approved by the board on 13 March 2024 |
|
| EAST & WEST COMMERCIAL LIMITED |
| Notes to the Accounts |
| for the year ended 31 July 2023 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. |
|
|
Motor vehicle |
19% per annum on cost |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Leased assets |
|
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. |
|
|
| 2 |
Employees |
2023 |
|
2022 |
| Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
Land and buildings |
|
Freehold improvement |
|
Motor vehicles |
|
Total |
| £ |
£ |
£ |
£ |
|
Cost |
|
At 1 August 2022 |
9,850,000 |
|
23,000 |
|
100,070 |
|
9,973,070 |
|
Surplus on revaluation |
200,000 |
|
- |
|
- |
|
200,000 |
|
At 31 July 2023 |
10,050,000 |
|
23,000 |
|
100,070 |
|
10,173,070 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 August 2022 |
- |
|
- |
|
520 |
|
520 |
|
Charge for the year |
- |
|
- |
|
9,253 |
|
9,253 |
|
At 31 July 2023 |
- |
|
- |
|
9,773 |
|
9,773 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 July 2023 |
10,050,000 |
|
23,000 |
|
90,297 |
|
10,163,297 |
|
At 31 July 2022 |
9,850,000 |
|
23,000 |
|
99,550 |
|
9,972,550 |
|
|
| 4 |
Debtors |
2023 |
|
2022 |
| £ |
£ |
|
|
Other debtors |
646,806 |
|
648,472 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
| £ |
£ |
|
|
Bank loans and overdrafts |
- |
|
44,030 |
|
Obligations under finance lease and hire purchase contracts |
9,728 |
|
9,728 |
|
Taxation and social security costs |
25,091 |
|
1,631 |
|
Other creditors |
17,990 |
|
13,963 |
|
|
|
|
|
|
52,809 |
|
69,352 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
| £ |
£ |
|
|
Bank loans |
2,351,559 |
|
2,391,558 |
|
Obligations under finance lease and hire purchase contracts |
65,394 |
|
75,122 |
|
|
|
|
|
|
2,416,953 |
|
2,466,680 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Revaluation reserve |
2023 |
|
2022 |
| £ |
£ |
|
|
At 1 August 2022 |
2,850,000 |
|
2,650,000 |
|
Gain on revaluation of land and buildings |
200,000 |
|
200,000 |
|
|
At 31 July 2023 |
3,050,000 |
|
2,850,000 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Events after the reporting date |
|
|
No significant events have taken place since the end of the year. |
|
|
| 9 |
Loans to directors |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
| £ |
£ |
£ |
£ |
|
MR CHU TING TANG |
|
[Loan] |
91,926 |
|
- |
|
(280) |
|
91,646 |
|
|
|
91,926 |
|
- |
|
(280) |
|
91,646 |
|
|
|
|
|
|
|
|
|
|
| 10 |
Related party transactions |
|
|
There were no other transactions with the Director or other Related Parties during the year. |
|
|
| 11 |
Other information |
|
|
EAST & WEST COMMERCIAL LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
8 Wing Yip Business Centre |
|
395 Edgeware Road |
|
London |
|
NW2 6LN |
